At some point, nearly all financial institutions, no matter how well managed, discover one or more issues that require consumer remediation. While each remediation event is unique, an institution can take steps to ensure a successful remediation both before the event arises and immediately upon discovery. This article discusses the benefits of self-identifying events that may warrant remediation, strategies for developing an effective remediation framework, steps to take upon discovering an issue that may prompt monetary and non-monetary forms of consumer redress, the importance of an effective communication plan, and factors to consider when drafting an effective remediation plan.
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About the Authors
Jeremy Hochberg
Patti Hartsfield-Davis
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